Master of Commerce (M.Com.) Agricultural Economics Syllabus - Mumbai University

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Syllabus for Agricultural Economics

Mandatory course · Semester 3 · M.Com. Business Economics · 4 credits

Module I: Introduction to Indian agriculture and Rural Credit (2 Credits)

Unit 1 Economics of Agricultural Production
Resource and Input Use - allocation of resources in agriculture-the importance of efficient
resource use for maximizing productivity-Important Production Relationships- relationships
between various inputs (land, labour, capital) and outputs in agriculture.
The Law of Diminishing Returns and its implications- Economics of Input and Product
Substitution. The concept of Marginal Rate of Technical Substitution (MRTS). Imperfections
in Product and Input Markets- market imperfections such as monopolies, oligopolies, and monopsonies .Impact of imperfections on developing agricultural economies.
The rationale behind government interventions- Schemes for welfare of farmers: Pradhan
MantriKisanSammanNidhi(PM-KISAN), Pradhan MantriFasalBhimaYojna (PMFBY), Market
Intervention scheme and Price Support scheme (MIS-PSS), RashtriyaKirishiVikasYojna
(RKVY). Alternative concepts of cost of cultivation and minimum support prices (MSPs) and its impact on farmers – Role and optimum size of buffer stocks.
Unit 2 Rural Credit Markets
Characteristics of Rural Credit Markets- the features and importance of rural credit
markets. Credit Fragmentation- the division between organized and unorganized
credit sectors. Theories of Informal Credit Markets- Lender’s Risk Hypothesis: the relationship between risk and interest rates in informal markets.
Default and Collateral: The role of collateral in mitigating default risks. Credit
Rationing and Informational Asymmetries: information gaps and lending decisions.
Moral Hazard in Credit Markets- asymmetric information and moral hazard and its impact on credit markets.
Evolution of Credit Systems in India- the historical development of rural credit
systems in India. Role and Performance of Financial Institutions- the role of Commercial Banks, Primary Agriculture Cooperative Credit Societies, NABARD, and SHGs.- their performance and impact on rural credit markets. Imperfections in Rural Credit Markets

Module II: Labour and Lease Markets (2Credits)

Unit 3 Labour Markets
The concepts of Work, Skill, and Productivity in the context of agriculture. Methods of measuring employment and unemployment - techniques for measuring employment and unemployment rates. the differences between free and bonded labour. Employer-Employee
Relationships types of employment relationships and their implications.
Determinants of Wage Rates- Factors influencing wage determination in rural areas. Labour
Market Segmentation- the division of labour markets into distinct sub-groups. Gender-Based
Discrimination the extent and impact of gender discrimination in rural labour markets.
Biases in Data Sources- Identifying potential biases in employment data collection and analysis. Wage Differentials and Contract Labourer- Wage disparities and the role of contract labour in rural markets.
Unit 4 Land and Lease Markets
Types of Farming systems - characteristics. Historical Evolution of Property Rights- the history and development of property rights in agriculture. Segmented Property Rights- the division of property rights and their economic implications. Economic, Extra-Economic, and Legal Restrictions on land use and ownership.
Lease Market: Formal and Informal Leases- the functioning of formal and informal lease
markets. Economics of Share Tenancy- the economics behind sharecropping and tenancy
agreements. Crop-Sharing Practices in India. traditional and modern crop-sharing practices.- Inequity in Distribution of Holdings- the causes and consequences of unequal land
distribution.
Market Interlocking and Interlink- interconnectedness of various rural markets- Rural Classes
and Contract Farming- the social and economic structure of rural classes and the role of contract farming.
SuggestedReferences:
1 S. SubbaReddyAndP.RaghuRam,AgriculturalEconomics(PB2019),OxfordUniversityPress,NewDelhi.
2 JamesE. Boyle,AgriculturalEconomics(PB2023),MJPPublication,TamilNadu.
3 ThomasNixonCarver,AgriculturalEconomics(PB2018),ForgottenBooks,UnitedKingdom.
4 ElizabethM.
KingAndDileniGunewardena,HumanCapitalAndGenderInequalityInmiddleIncomeCountries(PB2022),Routl
edgePublication,UnitrdKingdom.
5 LewisC.SolmonandAlecR.Levenson,LabourMarkets,Employmentpolicy,AndJobCreation(2019),Tayl or& Francis,USA.
6 K,Palanisami,P.ParamasiveandC.R.Rangnathan,AgriculturalProductionEconomics(PB2021),AstralPub lication,NewDelhi.
7 DattandSundaram,IndianEconomy(PB2024),S.Chand&Company,NewDelhi.
8 Harris- WhiteBarbaraandSinhaAnushree,TradeLibrationandIndia’sInformalEconomy(PB2007),OxfordUniversit yPress,NewDelhi.
9 UnnijeemolandUmaRani,employmentandincomeintheinformalEconomy(PB2003),SagePublication,NewD elhi
10 DwayneBenjamin,MorleyGunderson,ThomasLemieux(PB2021),DevelopmentMcGrawHillBookCompany,Ne wYork.
11 Mishra&Puri,(PB2023),IndianEconomy,HimalayaPublishingHouse,NewDelhi
12 Vaidhanathan,A.(PB1995),IndianEconomy:Crisis,ResponseandProspects,OrientLongmans,NewDe lhi.
13 BasuKaushik,AgrarianStructureandEconomicUnderdevelopment(PB1990),Harwood,Switzerland,
14 DantwalaM.L,IndianAgriculturalDevelopmentsinceIndependence(PB1991)OxfordandI.B.H.Pvt.Ltd.
15 CarlEicherandLawrencewit,AgricultureinEconomicDevelopment(PB1964)McGrawHillBookCompany,NewY ork
16 AgrawalA.N.&KundanK.L.AgriculturalProblemsofIndia(PB1990)VikasPublicationHouse,NewDelhi.
17 Web Links: www.barnesandnoble.com www.mheducation.com www.agriwelfare.gov.in
18 रं जन कोळं बे , कृषीशाश्त्र आणि कृषी णिकास, भगीरथ प्रकाशन (१ जानेिारी २०२३)
19 डॉ.. णिजय कणिमंडन, कृषी ि ग्रामीि आसस थशाश्त्र, श्री मंगेश प्रकाशन, नागपूर (सप्टेंबर २०२१)
20 डॉ. नीता िािी कृषी आसस थशाश्त्र, प्रशांत पणलिकेशन, जळगाि (१ जानेिारी २०१५)
21 एस. सुलबा रे ड् डी, पी. रघुराम, कृषी, णित्त आणि िािस्थापन, सी. बी. एस. प्रकाशन (मार्स २०२२)

Reproduced from the University of Mumbai syllabus for M.Com. (Business Economics) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

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